8-K - WMK - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 3, 2020

WEIS MARKETS, INC.

(Exact name of registrant as specified in its charter)

Pennsylvania

(State or other jurisdiction of incorporation)

|  |  |

| --- | --- | | 1-5039 (Commission File Number) | 24-0755415 (IRS Employer Identification No.) | | 1000 South Second Street Sunbury, PA (Address of principal executive offices) | 17801 (Zip Code) |

Registrant's telephone number, including area code: (570) 286-4571

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

| | | | --- | --- | | ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | | ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | | ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | | ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |

Securities registered pursuant to Section 12(b) of the act:

| | | | | --- | --- | --- | | Title of each class | Trading symbol | Name of exchange on which registered | | Common stock, no par value | WMK | New York Stock Exchange |

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On August 3, 2020, the Company released its earnings for the second quarter ended June 27, 2020. A copy of the news release is attached hereto as Exhibit 99.1 and is incorporated herein by this reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibit.

99.1 Weis Markets, Inc. August 3, 2020 news release announcing the second quarter 2020 earnings.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	WEIS MARKETS, INC.


	By: /s/Scott F. Frost
	Name: Scott F. Frost
	Title: Senior Vice President, Chief Financial Officer and Treasurer
	(Principal Financial Officer)

Dated: August 3, 2020

EXHIBIT INDEX

| Octobe | | | --- | --- | | Exhibit No. | Description | | 99.1 | Weis Markets, Inc. August 3, 2020 news release announcing the second quarter 2020 earnings. |

		Weis Markets, Inc. Second Quarter 2020 Financial News Release Exhibit 99.1

Exhibit 99.1

NEWS RELEASE

FOR IMMEDIATE RELEASE

Contact:

Dennis Curtin

Weis Markets, Inc.

570-847-3636

dcurtin@weismarkets.com

WEIS MARKETS REPORTS SECOND QUARTER RESULTS

Sunbury, PA (August 3, 2020) – Weis Markets, Inc. (NYSE:WMK) today reported its sales increased 23.7 percent to $1.1 billion during the thirteen-week period ended June 27, 2020, compared to the same period in 2019, while second quarter comparable store sales increased 24.1 percent.

The Company’s second quarter net income increased 102.5 percent to $41.5 million compared to $20.5 million in 2019, while earnings per share totaled $1.54 compared to $0.76 per share for the same period in 2019. Ecommerce sales increased 243 percent during the same period.

“The coronavirus pandemic has altered most aspects of daily life in our seven-state market area which was impacted by full and partial shutdowns initially, and cautious reopenings in June,” said Weis Markets Chairman and CEO Jonathan Weis. “This has resulted in customers taking an increased number of meals at home, which shifted food service demand to food retail.”

“Our dedicated associates helped us adjust to these new market conditions with accelerated replenishment schedules, strategic procurement and an ongoing commitment to ensuring a safe shopping environment. Their essential work makes this possible. We remain grateful for all that they do,” said Mr. Weis.

Year to Date

For the 26-week period ending June 27, 2020, the Company’s sales increased 18.1 percent to $2.1 billion compared to the same period in 2019 while comparable store sales increased 18.5 percent. Year-to-date (YTD) net income increased 96.0 percent to $68.2 million while earnings per share for the same period increased $1.24 to $2.53 per share. YTD ecommerce sales increased 141 percent.

About Weis Markets

Founded in 1912, Weis Markets, Inc. is a Mid Atlantic food retailer operating 197 stores in Pennsylvania, Maryland, Delaware, New Jersey, New York, West Virginia and Virginia. For more information, please visit: WeisMarkets.com or Facebook.com/WeisMarkets.

In addition to historical information, this news release may contain forward-looking statements, which are included pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. For example, risks and uncertainties can arise with changes in: general economic conditions, including their impact on capital expenditures; business conditions in the retail industry; the regulatory environment; rapidly changing technology and competitive factors, including increased competition with regional and national retailers; and price pressures. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management's analysis only as of the date hereof. The Company undertakes no obligation to publicly revise or update these forward-looking statements to reflect events or circumstances that arise after the date hereof. Readers should carefully review the risk factors described in other documents the Company files periodically with the Securities and Exchange Commission.

WEIS MARKETS, INC.

COMPARATIVE SUMMARY OF SALES & EARNINGS

|  |  |  |  |  |  |  |  |

| --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | Second Quarter — 2020 | | | | | | | | | (Unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 13 Weeks Ended | | | | | Increase | | | | June 27, 2020 | | June 29, 2019 | | | (Decrease) | | | Net sales | $ | 1,098,704,000 | $ | 887,967,000 | | 23.7 | % | | | | | | | | | | | Income from operations | | 56,002,000 | | 26,297,000 | | 113.0 | % | | | | | | | | | | | Income before provision for income taxes | $ | 56,450,000 | $ | 26,948,000 | | 109.5 | % | | Provision for income taxes | | 14,978,000 | | 6,473,000 | | 131.4 | % | | Net income | $ | 41,472,000 | $ | 20,475,000 | | 102.5 | % | | | | | | | | | | | Weighted-average shares outstanding | | 26,898,443 | | 26,898,443 | | — | | | Basic and diluted earnings per share | $ | 1.54 | $ | 0.76 | $ | 0.78 | | | | | | | | | | |

| | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | 26 Weeks Ended | | | | | Increase | | | | June 27, 2020 | | June 29, 2019 | | | (Decrease) | | | Net sales | $ | 2,084,524,000 | $ | 1,764,686,000 | | 18.1 | % | | | | | | | | | | | Income from operations | | 93,430,000 | | 44,118,000 | | 111.8 | % | | | | | | | | | | | Income before provision for income taxes | $ | 92,535,000 | $ | 45,823,000 | | 101.9 | % | | Provision for income taxes | | 24,374,000 | | 11,043,000 | | 120.7 | % | | Net income | $ | 68,161,000 | $ | 34,780,000 | | 96.0 | % | | | | | | | | | | | Weighted-average shares outstanding | | 26,898,443 | | 26,898,443 | | — | | | Basic and diluted earnings per share | $ | 2.53 | $ | 1.29 | $ | 1.25 | | | | | | | | | | |